The Bottom Line: Needham bank, Yeoman Technology Group and Internet of Things

A roundup of news updates from public companies in NH and nationwide

NEEDHAM BANK PLANS TO ACQUIRE BANKPROV FOR $212M

The holding company for Needham Bank (Nasdaq: NBBK) plans to buy BankProv for $211.8 million in cash and stock, giving the Massachusetts-based bank a footprint in the Granite State.

Amesbury, Mass.-based BankProv operates New Hampshire branches in Bedford, Exeter, Hampton, Portsmouth and Seabrook. The combined bank will operate 18 branches across Metrowest, Greater Boston, the North Shore and southern New Hampshire, with approximately $7.1 billion in assets, $5.9 billion in deposits, and $6.1 billion in loans, NB Bancorp Inc. said in a release Thursday. It will be the sixth largest Massachusetts-based bank in the Boston MSA by deposit share, the company said.

As part of the merger, Joseph B. Reilly, president and chief executive officer of Provident and a longtime banker in New Hampshire, will join the board of directors of Needham and Needham Bank.

The merger is expected to close in Q4 2025, subject to regulatory approvals and approval by The Provident Bank shareholders. Needham shareholder approval is not required. All Provident directors and executives have committed to vote in favor of the merger.

MEET THE PEOPLE ACQUIRES YEOMAN TECHNOLOGY GROUP

Meet The People (MTP), an alternative to the traditional advertising holding company model, has acquired Somersworth, NH-based Yeoman Technology Group, a consultancy firm specializing in the management, optimization and execution of organic and paid retail media strategies across Amazon, Walmart, Target and other platforms. Terms of the deal were not disclosed.

The addition of Yeoman Technology Group represents MTP’s tenth brand acquisition since its founding with intention to grow to 800 full-time employees across the U.S. and Canada.

Founded in 2009 by Michael Healey in Portsmouth, Yeoman Technology Group has built a reputation as a trusted consultant to multichannel brands, focusing on growing direct-to-consumer (DTC) e-commerce, Amazon and other marketplace channels without disrupting existing sales channels.

Healey will remain with MTP to support the agency group’s continued growth within the retail media space. He will report to Allison Potter and Joseph McConellogue, who are the co-CEOs of Swell Media.

IOT MARKET TO SURGE 47% AND HIT $1.5T BY 2029

The Internet of Things (IoT) has become a foundational pillar of Industry 4.0, working alongside artificial intelligence, Big Data, robotics and automation to revolutionize how industries operate. By enabling seamless communication between devices, systems and users, IoT facilitates real-time data collection, smarter decision-making and greater operational efficiency. Despite challenges such as the global semiconductor shortage, the demand for IoT solutions continues to surge across sectors including manufacturing, health care, logistics and smart homes.

According to data from Stocklytics.com and Statista, the global IoT market is expected to surpass $1 trillion in value in 2025. Even more, it is projected to grow by 47% over the next four years, reaching approximately $1.56 trillion by 2029. This translates to an average annual growth of $130 billion, outpacing even the cloud computing industry, which is projected to grow by $120 billion per year. For context, this annual IoT market expansion is also on par with the total global increase in smartphone sales.

On a smaller scale, the IoT market is growing by an estimated $15 million every hour — or roughly $250,000 every minute — demonstrating the rapid adoption and deployment of connected technologies worldwide.

The number of connected devices is growing just as rapidly. In 2021, there were 9.2 billion IoT connections. By 2025, that number is expected to rise to 23.1 billion, and by 2030, nearly 40 billion devices will be connected, marking a 70% increase from 2025 levels.

IoT technology is driving major advances in automation, monitoring and analytics, transforming industries and enabling a more interconnected, data-driven world. Its growth trajectory and expanding role across sectors firmly establish IoT as a key engine of global digital transformation.